Minutes - 19880201 - Laserfiche WebLink

Browse Search

multiple thereof and that, in selectwng bonds for rede:rpr.ion, tae Bond Registrar shall treat each bond as representing that number of bonds which is obtained by dividing the principal amount of such band by $500. If less than all of the bonds stated to mature on different dates shall be called for redemption, the particular bonds or portions thereof to be redeemed shall be called in the inverse order of their maturities. Not more than sixty (60) nor less than thirty (30) days before the redemption date of any bands to be redeemed, whether such redemption be in whole or in par-, the Issuer shall cause a notice of such redemption to be filed with the Band Registrar and to be mailed, pos~.age prepaid, to the registered owner of each band to be redeemed in whale or in part at his address appearing upon the registration books of the Issuer. Each such native shall set forth the date designated for redemption, the redemption price to be paid, the maturities of the bonds to be redeemed and, if less than all of y~he bonds of any one maturity then outstanding shall be called for redemption, the distinctive numoers and letters, if any, of such bonds to be redeemed and, in the case of any band to be redeemed in part only, the portion of the principal. amount thereof to be redeemed. If any bond is to be redeemed in part only, L~he notice of redemption shall state also that on or after the redemption date, upon surrender of such band, a new bond or bonds in principal amount equal to the unredeemed portion of such bond will be issued. The preceding provisions of this Section shall not apply to bonds awarded to the FHA. If the FmHA is the purchaser of the bonds there will be issued a single registered bond as hereinafter provided, which bond may be redeemed, at the option of the Issuer, at any tame prior to the maturity of any installment of the principal thereof, either in whole or in part in the znverse order of the maturity dates of the installments of 22 G -5-